KfW taps quiet sterling market for £500m

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By Lewis McLellan
19 Feb 2021

The SSA sterling market had been deserted for two weeks thanks to a hostile cross-currency basis swap, but KfW returned on Thursday with a £500m tap.

The borrower selected Barclays and JP Morgan to run the books for a tap of its £800m December 2025 line. The spread was set at 20bp over the 2% Sept Gilt, in line with guidance. A banker away from the trade said this equated to 12bp over Sonia, which he ...

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